NPORT-EX 2 fp0074568_nportex.htm

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Principal Amount				Fair Value
CORPORATE BONDS-6.21%
Broadcast Serv/Program - 0.58%
Diamond Sports Group LLC / Diamond Sports Finance Co., 12.750%, 12/01/2026(a)		$	2,750,000			$	2,378,750
							2,378,750
Consumer Services - 1.95%
Adtalem Global Education, Inc., 5.500%, 03/01/2028(a)			8,050,000				7,929,250
							7,929,250
Diversified Banking Inst - 0.91%
Credit Suisse AG, 7.624%, 07/31/2030			10,000				9,482
Credit Suisse AG, 7.624%, 10/30/2030			420,000				376,731
Morgan Stanley Finance LLC, 8.170%, 04/28/2036			10,000				8,501
Morgan Stanley Finance LLC, 7.680%, 06/30/2036			40,000				37,948
Morgan Stanley Finance LLC, 9.000%, 08/31/2036			2,289,000				2,133,557
Morgan Stanley Finance LLC, 9.000%, 09/30/2036			40,000				36,828
Morgan Stanley Finance LLC, 9.000%, 11/29/2036			103,000				97,414
Morgan Stanley Finance LLC, 9.000%, 01/31/2037			224,000				195,276
Morgan Stanley Finance LLC, 9.000%, 03/31/2037			747,000				704,060
Morgan Stanley Finance LLC, 9.000%, 04/28/2037			40,000				36,529
Morgan Stanley Finance LLC, 9.000%, 05/31/2037			25,000				22,244
Morgan Stanley Finance LLC, 9.000%, 08/31/2037			58,000				54,335
							3,712,905
E-Commerce/Services - 0.64%
Uber Technologies, Inc., 6.250%, 01/15/2028(a)			2,500,000				2,618,750
							2,618,750
Food - 0.19%
Post Holdings, Inc., 5.500%, 12/15/2029(a)			750,000				774,375
							774,375
Institutional Financial Services - 0.93%
Morgan Stanley, 5.094%, 04/30/2030			25,000				22,573
Morgan Stanley, 6.792%, 07/31/2030			80,000				72,045
Morgan Stanley, 6.671%, 10/30/2030			80,000				76,362
Morgan Stanley, 3.268%, 09/26/2033			428,000				304,660
Morgan Stanley, 3.396%, 10/31/2033			266,000				209,154
Morgan Stanley, 3.812%, 02/28/2034			478,000				372,361
Morgan Stanley, 3.396%, 03/31/2034			26,000				18,644
Morgan Stanley, 3.812%, 03/31/2034			276,000				216,226
Morgan Stanley, 3.812%, 04/30/2034			66,000				49,295
Morgan Stanley, 3.812%, 05/30/2034			89,000				67,281
Morgan Stanley, 3.840%, 06/30/2034			460,000				362,476
Morgan Stanley, 3.812%, 07/31/2034			25,000				18,456
Morgan Stanley, 3.910%, 08/29/2034			161,000				126,415
Morgan Stanley, 3.910%, 08/29/2034			10,000				8,573

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Principal Amount				Fair Value
Morgan Stanley, 4.765%, 09/30/2034		$	88,000			$	68,231
Morgan Stanley, 5.376%, 09/30/2034			231,000				212,882
Morgan Stanley, 7.070%, 10/08/2034			32,000				23,664
Morgan Stanley, 4.245%, 10/31/2034			103,000				77,145
Morgan Stanley, 4.245%, 10/31/2034			181,000				139,847
Morgan Stanley, 5.943%, 10/31/2034			357,000				322,715
Morgan Stanley, 4.085%, 11/28/2034			25,000				20,986
Morgan Stanley, 6.615%, 11/28/2034			231,000				192,870
Morgan Stanley, 4.765%, 01/30/2035			175,000				131,459
Morgan Stanley, 6.144%, 01/30/2035			69,000				63,650
Morgan Stanley, 4.085%, 02/27/2035			36,000				30,990
Morgan Stanley, 4.245%, 03/31/2035			114,000				91,167
Morgan Stanley, 5.094%, 03/31/2035			527,000				435,922
Morgan Stanley, 7.820%, 02/29/2036			61,000				54,120
							3,790,169
Real Estate Oper/Develop - 0.24%
China Evergrande Group, 8.250%, 03/23/2022			4,324,000				799,940
China Evergrande Group, 7.500%, 06/28/2023			1,000,000				165,000
							964,940
Specialty Finance - 0.54%
PennyMac Financial Services, Inc., 5.375%, 10/15/2025(a)			1,250,000				1,253,125
PennyMac Financial Services, Inc., 5.750%, 09/15/2031(a)			1,000,000				960,000
							2,213,125
Steel-Producers - 0.22%
Cleveland-Cliffs Steel Corp., 7.000%, 03/15/2027			880,000				908,600
							908,600
TOTAL CORPORATE BONDS							25,290,864
(Cost $28,747,384)

		Principal Amount				Fair Value
SENIOR LOANS-4.08%
Biotechnology & Pharmacuticals - 0.24%
Bausch Health Companies Inc.TLB 1L, First Lien Term Loan, %, 01/27/2027			1,000,000				993,595
							993,595
Business Equipment & Services - 0.19%
Intrado Corp., First Lien Initial B Term Loan, 3M US L + 4.00%, 10/10/2024			809,446				760,677
							760,677
Chemicals-Specialty - 0.04%
CPC Acquisition Corp., Second Lien Initial Term Loan, 3M US L + 7.75%, 12/29/2028			175,000				172,375
							172,375

Annual Report  |  January 31, 2022 7

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Principal Amount				Fair Value
Commercial Serv-Finance - 0.08%
Travelport Finance S.a r.l., First Lien Initial Term Loan, 3M US L + 5.00%, 05/29/2026		$	374,830			$	313,123
							313,123
Engineering & Construction - 0.00%
Fluidra Finco SL, First Lien Term Loan, 1M EUR L + 2.00%, 07/02/2025			560				630
							630
Finance-Consumer Loans - 0.22%
GreenSky Holdings LLC, First Lien Term Loan, 1M US L + 3.25%, 03/29/2025			887,139				887,694
							887,694
Food - 0.10%
Atkins Nutritionals Holdings, Inc., First Lien Term Loan, 3M US L + 3.75%, 07/07/2024			400,262				403,390
							403,390
Food-Retail - 0.47%
Moran Foods LLC, First Lien -2020 Term Loan, 3M US L + 0.00%, 04/01/2024			896,115				896,115
Moran Foods, LLC TLA, Second Lien Term Loan, 3M US L + 10.75%, 10/01/2024			1,195,467				998,216
							1,894,331
Leisure Facilities & Services - 1.11%
24 Hour Fitness Worldwide, Inc., First Lien Term Loan, 3M US L + 5.00%, 12/29/2025			270,043				199,832
AMC Entertainment Holdings, Inc., First Lien B-1 Term Loan, 1M US L + 3.00%, 04/22/2026			937,558				837,539
Carnival Corporation TLB 1L, First Lien Term Loan, 6M US L + 3.25%, 10/06/2028			3,500,000				3,475,204
							4,512,575
Medical Labs&Testing Srv - 0.44%
Envision Healthcare Corp., First Lien Initial Term Loan, 1M US L + 3.75%, 10/10/2025			2,304,160				1,792,821
							1,792,821
Pipelines - 0.04%
GMP Borrower LLC, First Lien Term Loan, 3M US L + 4.50%, 10/28/2027			171,016				155,464
							155,464
Printing-Commercial - 0.30%
RR Donnelley & Sons Co., First Lien Term Loan, 1M US L + 5.00%, 01/15/2024			1,201,265				1,201,865
							1,201,865
Retail-Restaurants - –%
NPC International, Inc., Second Lien Initial Term Loan, 1M US L + 0.00%, 04/18/2025(b)			605,000				0
							0
Telecom Services - 0.20%
Intrado Corp., First Lien Term Loan, 3M US L + 3.50%, 10/10/2024			859,311				801,307
							801,307

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Principal Amount				Fair Value
Theaters - 0.00%
Crown Finance US, Inc., First Lien Initial B-1 Term Loan, 3M US L + 7.00 (PIK Rate 8.25%, Cash Rate 7.00%)%, 05/23/2024(c)		$	11,030			$	13,053
							13,053
Transportation & Logistics - 0.66%
American Airlines, Inc., First Lien 2018 Replacement Term Loan, 1M US L + 1.75%, 06/27/2025			1,729,869				1,679,772
SkyMiles IP, Ltd., First Lien Initial Term Loan, 3M US L + 3.75%, 10/20/2027			970,000				1,025,838
							2,705,610
TOTAL SENIOR LOANS							16,608,510
(Cost $17,161,584)

		Shares				Fair Value
COMMON STOCK-0.67%
Electronics & Appliances Stores-0.00%
Everyware Global(b)(d)			43,777				–
Marine Services-0.01%
Harvey Gulf Intl. Marine(d)			7,413				33,359
Food & Drug Stores-0.00%
Save A Lot / Moran Foods(b)(d)			56,338				–
Entertainment Facilities-0.08%
24 Hour Fitness Worldwide(d)			306,005				306,005
Mineral & Precious Stone Mining-0.52%
Covia Equity(d)			169,353				2,116,913
IT Services-0.01%
IQOR(d)			4,941				37,058
Power Generation-0.05%
Longview Power LLC(d)			61,813				216,346
Theaters-0.00%
Cineworld Group PLC(d)			10,720				5,657
TOTAL COMMON STOCK							2,715,338
(Cost $2,734,292)

		Shares				Fair Value
CLOSED END FUNDS-9.39%
Aberdeen Japan Equity Fund, Inc.			105,265				803,172
BlackRock Innovation & Growth Trust			4,432				60,408

Annual Report  |  January 31, 2022 9

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Calamos Long/Short Equity & Dynamic Income Trust			1,958			$	39,395
Center Coast Brookfield MLP & Energy Infrastructure Fund			121,994				1,882,367
ClearBridge Energy Midstream Opportunity Fund, Inc.			10,345				257,901
Cushing MLP & Infrastructure Total Return Fund			65,283				2,175,230
Cushing NextGen Infrastructure(d)			23,585				988,683
Delaware Investments Colorado Municipal Income Fund, Inc.			13,934				194,658
Delaware Investments Minnesota Municipal Income Fund II, Inc.			68,751				922,638
Delaware Investments National Municipal Income Fund			41,175				539,393
Delaware Ivy High Income Opportunities Fund			154,715				2,043,785
Ecofin Sustainable and Social			49,255				749,661
Ellsworth Growth and Income Fund, Ltd.			145,068				1,592,847
Fiduciary/Claymore Energy Infrastructure Fund			62,432				738,571
First Trust Aberdeen Emerging Opportunity Fund			90				1,204
India Fund, Inc.			87,891				1,771,883
Invesco Senior Income Trust			186,888				826,045
Japan Smaller Capitalization Fund, Inc.			7,794				59,468
Korea Fund, Inc.			27,872				879,454
Miller/Howard High Dividend Fund			333,513				3,558,584
Morgan Stanley Emerging Markets Debt Fund, Inc.			103,239				894,050
Neuberger Berman Next Generation Connectivity Fund, Inc.			125,036				1,913,051
New Ireland Fund, Inc.			95,326				1,021,895
Nuveen Core Plus Impact Fund			4,494				74,825
Nuveen Multi-Asset Income Fund			13,985				248,653
PGIM Global High Yield Fund, Inc.			150				2,163
PIMCO Energy & Tactical Credit Opportunities Fund			247,924				3,426,310
Principal Real Estate Income Fund			51,780				781,360
Salient Midstream & MLP Fund(d)			528,128				3,733,864
Taiwan Fund, Inc.			3,223				109,389
Templeton Emerging Markets Fund/United States			1,470				23,300
Templeton Global Income Fund			30,991				158,364
Tortoise Energy Independence Fund, Inc.			30,511				832,950
Tortoise Energy Infrastructure(d)			16,733				510,858
Tortoise Midstream Energy Fund(d)			47,630				1,619,896
Tortoise Pipeline & Energy Fund, Inc.			4,342				112,458
Tortoise Power and Energy Infrastructure Fund, Inc.			59,781				854,270
Vertical Capital Income Fund			37,058				377,250
Virtus AllianzGI Convertible & Income Fund II			44,847				207,193
Voya Asia Pacific High Dividend Equity Income Fund			2,509				20,574
Voya Emerging Markets High Income Dividend Equity Fund			93,118				667,656
							37,675,676
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.			99,389				543,658
TOTAL CLOSED END FUNDS							38,219,334
(Cost $38,354,841)

			Shares				Fair Value
PREFERRED STOCK-0.19%

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Entertainment Facilities-0.19%
24 Hour Fitness Worldwide, Inc.(d)			407,959			$	764,924
TOTAL PREFERRED STOCK							764,924
(Cost $489,936)

		Shares				Fair Value
SPECIAL PURPOSE ACQUISITION COMPANIES-79.35%
Investment Companies -79.35%
10X Capital Venture Acquisition Corp. III(d)			111,508				1,118,425
26 Capital Acquisition Corp.(d)			69,009				677,668
2MX Organic SA(d)			13,079				144,290
5:01 Acquisition Corp.(d)			91,755				901,493
7 Acquisition Corp.(d)			50,470				497,634
7GC & Co. Holdings, Inc.(d)			140				1,364
8i ACQUISITION 2 Corp.(d)			46,160				449,829
Abri SPAC I, Inc.(d)			47,464				467,520
Accelerate Acquisition Corp.(d)			66,589				645,247
Accretion Acquisition Corp.(d)			81,604				794,823
Achari Ventures Holdings Corp. I(d)			38,684				382,585
Acropolis Infrastructure Acquisition Corp.(d)			76,319				739,531
Adara Acquisition Corp.(d)			35,768				349,811
Adit EdTech Acquisition Corp.(d)			68,559				676,677
Advanced Merger Partners, Inc.(d)			2,940				28,547
AEA-Bridges Impact Corp.(d)			136,970				1,350,524
Aequi Acquisition Corp.(d)			76,958				753,419
Aesther Healthcare Acquisition Corp.(d)			115,745				1,159,765
AF Acquisition Corp.(d)			70,129				678,147
African Gold Acquisition Corp.(d)			176,315				1,704,384
Agile Growth Corp.(d)			59,098				571,478
Agrico Acquisition Corp.(d)			126,009				1,266,390
Ahren Acquisition Corp.(d)			19,716				196,766
AIB Acquisition Corp.(d)			41,417				412,513
Alpha Healthcare Acquisition Corp. III(d)			22,899				222,120
Alpha Partners Technology Merger Corp.(d)			19,691				190,412
Alpine Acquisition Corp.(d)			119,504				1,198,625
ALSP Orchid Acquisition Corp. I(d)			104,793				1,087,227
AltC Acquisition Corp.(d)			61,326				593,022
AltEnergy Acquisition Corp.(d)			22,461				220,792
Altitude Acquisition Corp.(d)			55,783				551,694
Andretti Acquisition Corp.(d)			49,046				489,970
Angel Pond Holdings Corp.(d)			33,960				327,714
Anthemis Digital Acquisitions I Corp.(d)			79,240				781,306
Anzu Special Acquisition Corp. I(d)			17,452				169,110
AP Acquisition Corp.(d)			19,715				197,939
Apeiron Capital Investment Corp.(d)			98,318				974,007
Apollo Strategic Growth Capital II(d)			45,066				436,690

Annual Report  |  January 31, 2022 11

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
APx Acquisition Corp. I(d)			7,962			$	79,700
Arbor Rapha Capital Bioholdings Corp. I(d)			74,626				744,021
Archimedes Tech SPAC Partners Co.(d)			707				6,985
ArcLight Clean Transition Corp. II(d)			59				581
Arctos NorthStar Acquisition Corp.(d)			36,329				352,755
Arena Fortify Acquisition Corp.(d)			103,357				1,021,167
Argus Capital Corp.(d)			56,098				556,773
Aries I Acquisition Corp.(d)			11,338				113,380
Arisz Acquisition Corp.(d)			34,348				335,923
Armada Acquisition Corp. I(d)			39				388
Arrowroot Acquisition Corp.(d)			205,758				1,987,621
Artemis Strategic Investment Corp., Class B(b)(d)			12,038				43,939
Artemis Strategic Investment Corp.(d)			142,048				1,402,014
ARYA Sciences Acquisition Corp. V(d)			12,591				121,944
Ascendant Digital Acquisition Corp. III(d)			157,732				1,561,547
Astrea Acquisition Corp.(d)			1,854				18,447
Athena Consumer Acquisition Corp.(d)			67,428				668,211
Athena Technology Acquisition Corp. II(d)			73,936				733,815
Athlon Acquisition Corp.(d)			94,859				922,029
Atlantic Avenue Acquisition Corp.(d)			143,984				1,411,043
Atlantic Coastal Acquisition Corp.(d)			51,070				504,061
Atlantic Coastal Acquisition Corp. II(d)			95,202				951,068
Atlas Crest Investment Corp. II(d)			1,993				19,412
Ault Disruptive Technologies Corp.(d)			24,644				246,933
Austerlitz Acquisition Corp. II(d)			39,641				384,121
Authentic Equity Acquisition Corp.(d)			12,713				123,888
Avalon Acquisition, Inc.(d)			77,027				758,716
Avanti Acquisition Corp.(d)			66,245				649,863
Avista Public Acquisition Corp. II(d)			2,914				28,907
B Riley Principal 150 Merger Corp.(d)			20,367				200,615
B Riley Principal 250 Merger Corp.(d)			52,757				508,577
Banner Acquisition Corp.(d)			104,835				1,026,859
Bannix Acquisition Corp.(d)			57,872				569,460
Banyan Acquisition Corp.(d)			87,049				869,620
Battery Future Acquisition Corp.(d)			73,936				739,360
BCLS Acquisition Corp.(d)			1,649				16,210
Beard Energy Transition Acquisition Corp.(d)			120,587				1,184,164
Belong Acquisition Corp.(d)			58,647				572,688
Berenson Acquisition Corp. I(d)			50,465				487,492
BGP Acquisition Corp.(d)			4,707				44,717
BioPlus Acquisition Corp.(d)			90,824				886,442
Biotech Acquisition Co.(d)			109,702				1,078,371
Bite Acquisition Corp.(d)			82,922				802,685
Black Mountain Acquisition Corp.(d)			80,799				797,486
Black Spade Acquisition Co.(d)			28,533				287,042
bleuacacia, Ltd.(d)			201,609				1,947,542
Blockchain Coinvestors Acquisition Corp. I(d)			166,681				1,641,808
Blockchain Moon Acquisition Corp.(d)			41,209				403,024
Blue Ocean Acquisition Corp.(d)			32,515				323,524

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Blue Safari Group Acquisition Corp.(d)			20,853			$	208,113
Blue Whale Acquisition Corp. I(d)			16,386				158,453
Blue World Acquisition Corp(d)			46,604				465,574
BlueRiver Acquisition Corp.(d)			3,329				32,391
Bluescape Opportunities Acquisition Corp.(d)			125,455				1,228,204
BOA Acquisition Corp.(d)			74,344				734,519
Broad Capital Acquisition Corp.(d)			53,360				534,134
Broadscale Acquisition Corp.(d)			10,459				103,021
Brookline Capital Acquisition Corp.(d)			806				8,064
Build Acquisition Corp.(d)			136				1,319
Bullpen Parlay Acquisition Co.(d)			115,467				1,154,670
Burgundy Technology Acquisition Corp.(d)			72,089				721,611
BurTech Acquisition Corp.(d)			23,487				234,400
BYTE Acquisition Corp.(d)			163,063				1,576,819
C5 Acquisition Corp.(d)			144,119				1,444,072
Cactus Acquisition Corp. 1, Ltd.(d)			42,473				420,695
Canna-Global Acquisition Corp.(d)			154,766				1,532,183
Capitalworks Emerging Markets Acquisition Corp.(d)			138,241				1,364,439
Carney Technology Acquisition Corp. II(d)			81,138				792,718
Cartica Acquisition Corp.(d)			148,709				1,495,269
Cascade Acquisition Corp.(d)			17,998				179,890
Catalyst Partners Acquisition Corp.(d)			20,382				198,928
Catcha Investment Corp.(d)			120,767				1,170,232
CC Neuberger Principal Holdings II(d)			75,415				745,854
CC Neuberger Principal Holdings III(d)			3,264				31,824
CENAQ Energy Corp.(d)			122,480				1,215,002
CF Acquisition Corp. IV(d)			120,117				1,174,744
CF Acquisition Corp. VI(d)			2,701				31,467
CF Acquisition Corp. VII(d)			14,786				147,269
CF Acquisition Corp. VIII(d)			46,841				467,005
Chain Bridge I(d)			66,734				671,678
Chardan NexTech Acquisition 2 Corp.(d)			30,163				301,932
Chavant Capital Acquisition Corp.(d)			2,703				26,652
Churchill Capital Corp. VII(d)			94,864				923,027
CHW Acquisition Corp.(d)			19,389				189,237
CIIG Capital Partners II, Inc.(d)			42,062				415,993
CITIC Capital Acquisition Corp.(d)			167,000				1,262,520
Clarim Acquisition Corp.(d)			31,708				307,251
Class Acceleration Corp.(d)			79,718				775,656
CleanTech Acquisition Corp.(d)			32,844				326,798
Clover Leaf Capital Corp.(d)			17,737				177,902
Cohn Robbins Holdings Corp.(d)			17,985				177,512
Colicity, Inc.(d)			28,439				276,143
Concord Acquisition Corp. III(d)			98,362				968,374
Consilium Acquisition Corp. I, Ltd.(d)			76,977				768,230
Constellation Acquisition Corp. I(d)			18,238				177,365
Conx Corp.(d)			30,069				294,676
Corner Growth Acquisition Corp.(d)			65,755				641,111

Annual Report  |  January 31, 2022 13

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Corner Growth Acquisition Corp. 2(d)			32,871			$	326,245
COVA Acquisition Corp.(d)			105,029				1,021,932
Crescera Capital Acquisition Corp.(d)			127,583				1,261,796
Crixus BH3 Acquisition Co.(d)			15,548				152,137
Crown PropTech Acquisitions(d)			65,036				641,905
Crucible Acquisition Corp.(d)			125,933				1,225,328
Crypto 1 Acquisition Corp.(d)			12,309				120,628
Crystal Peak Acquisition(d)			68,967				669,325
D & Z Media Acquisition Corp.(d)			59,795				580,012
DA32 Life Science Tech Acquisition Corp.(d)			108,727				1,045,954
Data Knights Acquisition Corp.(d)			43,918				444,889
Decarbonization Plus Acquisition Corp. IV(d)			44,370				439,263
DEE Tech SA(d)			41,293				461,584
Deep Lake Capital Acquisition Corp.(d)			14,871				145,290
Deep Medicine Acquisition Corp.(d)			65,115				642,685
Delwinds Insurance Acquisition Corp.(d)			56,351				557,311
DHB Capital Corp.(d)			5,252				50,892
DHC Acquisition Corp.(d)			29,126				282,085
DiamondHead Holdings Corp.(d)			74,868				727,343
Digital Health Acquisition Corp.(d)			35,344				349,906
Digital Transformation Opportunities Corp.(d)			141,108				1,368,748
Digital World Acquisition Corp., Class B(b)(d)			25,893				624,280
DILA Capital Acquisition Corp.(d)			20,741				202,847
Direct Selling Acquisition Corp.(d)			134,402				1,338,644
Disruptive Capital Acquisition Co., Ltd.(d)			4,747				63,204
dMY Technology Group, Inc. VI(d)			27,831				271,074
DP Cap Acquisition Corp. I(d)			89,472				881,747
DPCM Capital, Inc.(d)			4,918				48,196
Dragoneer Growth Opportunities Corp. III(d)			10,209				99,231
DTRT Health Acquisition Corp.(d)			172,459				1,719,416
Duddell Street Acquisition Corp.(d)			97,559				965,834
DUET Acquisition Corp.(d)			5,996				59,840
Dune Acquisition Corp.(d)			63,725				630,240
E.Merge Technology Acquisition Corp.(d)			188,453				1,856,261
Edify Acquisition Corp.(d)			29,024				281,968
EdtechX Holdings Acquisition Corp. II(d)			2,562				25,710
EJF Acquisition Corp.(d)			46,408				459,439
Elliott Opportunity II Corp.(d)			27,348				266,370
Emerging Markets Horizon Corp.(d)			10,154				101,845
Empowerment & Inclusion Capital I Corp.(d)			33,268				329,520
Empowerment & Inclusion Capital I Corp.(d)			103,514				1,007,709
Endurance Acquisition Corp.(d)			30,511				298,398
Energem Corp.(d)			72,341				716,899
Energy Transition Partners BV(d)			50,557				557,472
Enterprise 4.0 Technology Acquisition Corp.(d)			44,710				441,735
Epiphany Technology Acquisition Corp.(d)			140,733				1,370,739
EQ Health Acquisition Corp.(d)			23,787				231,210
ESGEN Acquisition Corp.(d)			133,510				1,322,417
ESM Acquisition Corp.(d)			18,627				180,682

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Eucrates Biomedical Acquisition Corp.(d)			14,709			$	143,560
EVe Mobility Acquisition Corp.(d)			54,220				541,116
Everest Consolidator Acquisition Corp.(d)			100,984				998,732
Evo Acquisition Corp.(d)			49,276				478,470
ExcelFin Acquisition Corp.(d)			47,713				471,404
Executive Network Partnering Corp.(d)			18,468				181,540
Far Peak Acquisition Corp.(d)			21,242				210,296
FAST Acquisition Corp. II(d)			27,109				262,957
Fat Projects Acquisition Corp.(d)			61,845				605,463
FAT Projects Acquisition Corp., Class B(b)(d)			4,886				16,319
Fifth Wall Acquisition Corp. III(d)			12,934				126,107
Financial Strategies Acquisition Corp.(d)			65,207				641,637
Finnovate Acquisition Corp.(d)			100,186				985,329
FinServ Acquisition Corp. II(d)			30,941				299,199
FinTech Acquisition Corp. VI(d)			137,554				1,345,278
Fintech Ecosystem Development Corp.(d)			54,704				541,023
Fintech Evolution Acquisition Group(d)			35,678				345,185
First Light Acquisition Group, Inc.(d)			45,338				445,673
FirstMark Horizon Acquisition Corp.(d)			13,369				131,952
Flame Acquisition Corp.(d)			177,120				1,714,522
Focus Impact Acquisition Corp.(d)			56,923				560,122
Forbion European Acquisition Corp.(d)			22,181				221,366
Forest Road Acquisition Corp. II(d)			32,645				316,983
Fortistar Sustainable Solutions Corp.(d)			44,226				428,992
Fortress Capital Acquisition Corp.(d)			200				1,952
Fortress Value Acquisition Corp. III(d)			34,526				337,664
Fortress Value Acquisition Corp. IV(d)			27				262
Fortune Rise Acquisition Corp.(d)			36,191				360,824
Founder SPAC(d)			233,253				2,323,199
Frazier Lifesciences Acquisition Corp.(d)			17,419				170,706
Freedom Acquisition I Corp.(d)			18,275				177,849
Frontier Acquisition Corp.(d)			57,947				561,506
FTAC Emerald Acquisition Corp.(d)			54,216				538,365
FTAC Hera Acquisition Corp.(d)			59,886				582,092
FTAC Parnassus Acquisition Corp.(d)			40,334				393,257
FTAC Zeus Acquisition Corp.(d)			271,313				2,667,006
Fusion Acquisition Corp. II(d)			126,201				1,224,150
Future Health ESG Corp.(d)			77,163				762,756
G Squared Ascend II, Inc.(d)			34,568				336,692
G&P Acquisition Corp.(d)			43,330				426,801
G3 VRM Acquisition Corp.(d)			103,276				1,033,793
Galata Acquisition Corp.(d)			53,213				518,827
Games & Esports Experience Acquisition Corp.(d)			118,581				1,177,509
Gardiner Healthcare Acquisitions Corp.(d)			19,715				193,798
Genesis Growth Tech Acquisition Corp.(d)			20,148				201,480
GFJ Esg Acquisition I SE(d)			44,084				500,212
GigCapital5, Inc.(d)			60,253				596,505
GigInternational1, Inc.(d)			47,940				476,284

Annual Report  |  January 31, 2022 15

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Gladstone Acquisition Corp.(d)			37,300			$	372,627
Glass Houses Acquisition Corp.(d)			150,419				1,454,552
Global Consumer Acquisition Corp.(d)			36,026				357,018
Global Partner Acquisition Corp. II(d)			16,331				159,227
Global SPAC Partners Co.(d)			55,273				554,665
Global Synergy Acquisition Corp.(d)			109,666				1,082,403
Global Technology Acquisition Corp. I(d)			85,831				842,431
Globalink Investment, Inc.(d)			58,520				574,959
GO Acquisition Corp.(d)			133,924				1,319,151
Goal Acquisitions Corp.(d)			88,824				860,705
GoGreen Investments Corp.(d)			130,678				1,301,553
Golden Arrow Merger Corp.(d)			92,834				899,561
Golden Falcon Acquisition Corp.(d)			139,454				1,362,466
Good Works II Acquisition Corp.(d)			61,516				602,242
Gores Holdings IX, Inc.(d)			124,108				1,244,803
Gores Holdings VII, Inc.(d)			297,586				2,895,511
Gores Holdings VIII, Inc.(d)			21,559				215,374
Gores Technology Partners II, Inc.(d)			41,493				405,802
Gores Technology Partners, Inc.(d)			1,934				18,953
Graf Acquisition Corp. IV(d)			55,750				540,218
Green Visor Financial Technology Acquisition Corp. I(d)			95,725				947,678
Growth For Good Acquisition Corp.(d)			102,571				1,025,710
Hawks Acquisition Corp.(d)			42,302				410,329
Haymaker Acquisition Corp. III, Class A(d)			47,715				469,516
HCM ACQUISITION Corp.(d)			20,986				209,650
Health Assurance Acquisition Corp.(d)			359				3,507
Health Sciences Acquisitions Corp. 2(d)			60,126				592,842
Healthcare AI Acquisition Corp.(d)			37,362				369,884
Healthcare Capital Corp.(d)			55,144				550,337
Healthcare Services Acquisition Corp.(d)			9,858				96,017
Heartland Media Acquisition Corp.(d)			2,998				30,010
HH&L Acquisition Co.(d)			59,284				573,276
HHG Capital Corp.(d)			17,425				172,508
HIG Acquisition Corp.(d)			103,397				1,014,325
Highland Transcend Partners I Corp.(d)			31,494				312,106
Home Plate Acquisition Corp.(d)			46,382				449,442
HPX Corp.(d)			25,649				253,156
Hudson Executive Investment Corp. II(d)			2,465				23,984
Hudson Executive Investment Corp. III(d)			46,535				451,855
HumanCo Acquisition Corp.(d)			17,145				167,678
Hunt Cos. Acquisition Corp. I(d)			105,412				1,046,741
I2PO SA(d)			95,238				1,041,057
Ibere Pharmaceuticals(d)			6,446				62,623
Iconic Sports Acquisition Corp.(d)			85,644				848,732
IG Acquisition Corp.(d)			13,337				130,703
Ignyte Acquisition Corp.(d)			17,138				167,867
Inception Growth Acquisition, Ltd.(d)			7,394				72,018
Industrial Human Capital, Inc.(d)			14,916				147,818
Industrial Tech Acquisitions II, Inc.(d)			95,019				948,290

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Infinite Acquisition Corp.(d)			47,294			$	463,481
InFinT Acquisition Corp.(d)			110,294				1,091,911
Innovative International Acquisition Corp.(d)			134,343				1,332,683
Insight Acquisition Corp.(d)			36,845				357,765
Integral Acquisition Corp. 1(d)			38,577				378,440
Integrated Rail and Resources Acquisition Corp.(d)			153,090				1,509,467
Integrated Wellness Acquisition Corp.(d)			6,161				60,747
Intelligent Medicine Acquisition Corp.(d)			114,155				1,130,135
International Media Acquisition Corp.(d)			72,534				714,460
InterPrivate IV InfraTech Partners, Inc.(d)			80,861				785,969
Investcorp Europe Acquisition Corp. I(d)			49,291				496,114
ION Acquisition Corp. 3, Ltd.(d)			1,887				18,379
Iron Spark I, Inc.			38,366				382,125
Isleworth Healthcare Acquisition Corp.(d)			50,061				491,599
ITHAX Acquisition Corp.(d)			107,529				1,052,709
Itiquira Acquisition Corp.(d)			119,763				1,162,899
IX Acquisition Corp.(d)			224				2,197
IX Acquisition Corp.(d)			22,137				215,282
Jackson Acquisition Co.(d)			2,465				24,601
Jaws Juggernaut Acquisition Corp.(d)			14,501				140,950
Jaws Mustang Acquisition Corp.(d)			159,559				1,550,913
Jiya Acquisition Corp.(d)			49				480
JOFF Fintech Acquisition Corp.(d)			115,882				1,125,214
Juniper II Corp.(d)			40,172				395,292
Jupiter Acquisition Corp.(d)			3,063				30,048
Jupiter Wellness Acquisition Corp.(d)			88,009				868,649
Kadem Sustainable Impact Corp.(d)			75,482				729,156
Kairos Acquisition Corp.(d)			11,102				108,245
Kairous Acquisition Corp. ltd(d)			13,555				133,381
Kensington Capital Acquisition Corp. V(d)			58,918				581,521
Kernel Group Holdings, Inc.(d)			59,893				580,363
Keyarch Acquisition Corp.(d)			16,489				164,230
Khosla Ventures Acquisition Co.(d)			18,131				176,415
Kingswood Acquisition Corp.(d)			43,907				446,095
KINS Technology Group, Inc.(d)			128,748				1,286,193
Kismet Acquisition Two Corp.(d)			26,076				252,676
KKR Acquisition Holdings I Corp.(d)			11,582				112,461
KL Acquisition Corp.(d)			41,793				409,571
KludeIn I Acquisition Corp.(d)			30,562				301,647
KnightSwan Acquisition Corp.(d)			8,994				89,670
L Catterton Asia Acquisition Corp.(d)			5,761				55,939
Lakeshore Acquisition I Corp.(d)			12,332				121,162
LAMF Global Ventures Corp. I(d)			126,567				1,242,888
LatAmGrowth SPAC(d)			65,222				652,872
LAVA Medtech Acquisition Corp.(d)			37,985				376,811
Lazard Growth Acquisition Corp. I(d)			64,054				620,683
Lefteris Acquisition Corp.(d)			43,328				424,181
Legato Merger Corp. II(d)			88,433				871,065

Annual Report  |  January 31, 2022 17

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Leo Holdings Corp. II(d)			50,399			$	489,878
Levere Holdings Corp.(d)			54,573				529,358
LF Capital Acquisition Corp. II, Class A(d)			166,778				1,657,773
Liberty Resources Acquisition Corp.(d)			76,982				762,122
LightJump Acquisition Corp.(d)			59,263				585,222
Lionheart Acquisition Corp. II(d)			700				7,014
Lionheart III Corp.(d)			73,159				720,616
LMF Acquisition Opportunities, Inc.(d)			59,099				592,172
M3-Brigade Acquisition III Corp.(d)			14,905				148,305
Macondray Capital Acquisition Corp. I(d)			84,283				826,816
Magnum Opus Acquisition, Ltd.(d)			36,420				362,743
Malacca Straits Acquisition Co., Ltd.(d)			26,253				263,843
Mana Capital Acquisition Corp.(d)			39,874				392,360
Marblegate Acquisition Corp.(d)			121,783				1,194,691
Marlin Technology Corp.(d)			273,988				2,663,162
Mason Industrial Technology, Inc.(d)			4,963				48,240
Maxpro Capital Acquisition Corp.(d)			37,123				368,817
McLaren Technology Acquisition Corp.(d)			122,181				1,209,592
MDH Acquisition Corp.(d)			54,356				527,253
Medicus Sciences Acquisition Corp.(d)			80,321				779,515
Mercato Partners Acquisition Corp.(d)			81,636				807,380
Metals Acquisition Corp.(d)			35,266				339,964
Minority Equality Opportunities Acquisition, Inc.(d)			140,593				1,413,663
Mission Advancement Corp.(d)			89,303				864,453
Model Performance Acquisition Corp.(d)			8,645				86,623
Monterey Bio Acquisition Corp.(d)			60,261				596,584
Monument Circle Acquisition Corp.(d)			14,442				141,098
Moringa Acquisition Corp.(d)			35,406				343,084
Motive Capital Corp. II(d)			24,618				241,256
Mount Rainier Acquisition Corp.(d)			12,935				128,057
Mountain & Co. I Acquisition Corp.(d)			125,353				1,253,530
Mountain Crest Acquisition Corp. IV(d)			34,801				343,138
Mountain Crest Acquisition Corp. V(d)			18,152				177,073
Mudrick Capital Acquisition Corp. II(d)			413,808				4,125,665
Music Acquisition Corp.(d)			50,303				489,448
Nabors Energy Transition Corp.(d)			188,038				1,861,575
New Providence Acquisition Corp. II(d)			77,530				761,732
New Vista Acquisition Corp.(d)			34,002				329,819
Newbury Street Acquisition Corp.(d)			20,019				193,384
Newcourt Acquisition Corp.(d)			126,219				1,257,141
Noble Rock Acquisition Corp.(d)			56,711				551,231
North Atlantic Acquisition Corp.(d)			57,083				561,126
North Mountain Merger Corp.(d)			1,650				16,236
Northern Lights Acquisition Corp.(d)			134,217				1,354,250
Northern Star Investment Corp. II(d)			117,886				1,144,673
Northern Star Investment Corp. III(d)			18,070				175,460
Northern Star Investment Corp. IV(d)			57,355				556,917
NorthView Acquisition Corp.(d)			38,482				375,584
Nova Vision Acquisition Corp.(d)			32,258				321,290

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Novus Capital Corp. II(d)			4,792			$	47,776
OCA Acquisition Corp.(d)			9,841				98,705
OceanTech Acquisitions I Corp.(d)			55,467				554,115
Odyssey Acquisition SA(d)			8,289				90,850
Omega Alpha SPAC(d)			1,564				15,280
Omnichannel Acquisition Corp.(d)			7,561				75,156
OmniLit Acquisition Corp.(d)			77,702				768,473
One Equity Partners Open Water I Corp.(d)			72,832				710,840
Onyx Acquisition Co. I(d)			137,450				1,362,130
OPY Acquisition Corp. I(d)			3,729				36,302
Orion Acquisition Corp.(d)			23,827				234,815
Orion Acquisition Corp.(d)			43				417
Osiris Acquisition Corp.(d)			23,175				223,639
Oxbridge Acquisition Corp.(d)			17,547				174,242
Oxus Acquisition Corp.(d)			52,867				522,590
Oyster Enterprises Acquisition Corp.(d)			114,212				1,108,427
Pacifico Acquisition Corp.(d)			7,239				71,738
Papaya Growth Opportunity Corp. I(d)			114,924				1,149,240
Parabellum Acquisition Corp.(d)			66,764				650,949
Parsec Capital Acquisitions Corp.(d)			41,916				416,645
Pathfinder Acquisition Corp.(d)			15,207				147,356
Pearl Holdings Acquisition Corp.(d)			36,968				368,201
Pegasus Digital Mobility Acquisition Corp.(d)			65,953				645,680
Pegasus Digital Mobility Acquisition Corp., Class B(b)(d)			4,456				14,928
PepperLime Health Acquisition Corp.(d)			23,753				231,948
Perception Capital Corp. II(d)			118,089				1,172,624
Peridot Acquisition Corp. II(d)			23,897				232,040
Phoenix Biotech Acquisition Corp.(d)			57,685				572,235
PHP Ventures Acquisition Corp.(d)			32,042				318,497
Pine Island Acquisition Corp.(d)			32,688				320,342
Pine Technology Acquisition Corp.(d)			162,272				1,606,493
Pioneer Merger Corp.(d)			17,566				171,269
Pivotal Investment Corp. III(d)			14,002				136,099
Plum Acquisition Corp. I(d)			59,673				577,933
PMV Consumer Acquisition Corp.(d)			35,259				346,243
Poema Global Holdings Corp.(d)			146,749				1,452,815
Pono Capital Corp.(d)			42,685				426,423
Pontem Corp.(d)			30,757				300,188
Population Health Investment Co., Inc.(d)			487				4,768
Power & Digital Infrastructure Acquisition II Corp.(d)			44,362				446,282
Powered Brands(d)			32,988				321,633
Primavera Capital Acquisition Corp.(d)			176,947				1,718,155
Priveterra Acquisition Corp.(d)			20,360				197,492
Progress Acquisition Corp.(d)			35,214				344,041
PROOF Acquisition Corp. I(d)			41,515				407,885
Property Solutions Acquisition Corp. II(d)			22,994				223,042
PropTech Investment Corp. II(d)			41,944				409,583
Prospector Capital Corp.(d)			16,976				165,007

Annual Report  |  January 31, 2022 19

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Provident Acquisition Corp.(d)			46,397			$	450,979
Pyrophyte Acquisition Corp.(d)			59,361				590,642
Queen's Gambit Growth Capital(d)			2,450				24,133
RCF Acquisition Corp.(d)			109,504				1,082,995
Recharge Acquisition Corp.(d)			126,426				1,251,617
RedBall Acquisition Corp.(d)			44,601				441,996
Revolution Healthcare Acquisition Corp.(d)			9,057				87,672
Ribbit LEAP, Ltd.(d)			12,229				120,089
Rigel Resource Acquisition Corp.(d)			64,290				633,257
Riverview Acquisition Corp.(d)			53,250				518,921
Riverview Acquisition Corp.(d)			347				3,470
ROC Energy Acquisition Corp.(d)			74,024				731,357
Rocket Internet Growth Opportunities Corp.(d)			875				8,470
Rose Hill Acquisition Corp.(d)			83,056				825,577
Rosecliff Acquisition Corp. I(d)			77,689				764,460
Roth Ch Acquisition IV Co.(d)			1,031				10,124
Roth CH Acquisition V Co.(d)			62,531				609,052
Sanaby Health Acquisition Corp. I(d)			90,010				896,500
Science Strategic Acquisition Corp. Alpha(d)			77,759				756,595
ScION Tech Growth I(d)			149,746				1,460,024
ScION Tech Growth II(d)			45,918				446,323
SCP & Co. Healthcare Acquisition Co(d)			5,606				54,378
Screaming Eagle Acquisition Corp.(d)			68,023				674,788
Sculptor Acquisition Corp I(d)			17,215				168,707
Sculptor Acquisition Corp. I(d)			19,716				197,160
Seaport Calibre Materials Acquisition Corp.(d)			39,743				390,674
Seaport Global Acquisition II Corp.(d)			91,410				900,389
Semper Paratus Acquisition Corp.(d)			196,100				1,949,233
Senior Connect Acquisition Corp. I(d)			185,610				1,809,698
Shelter Acquisition Corp. I(d)			39,147				380,509
ShoulderUp Technology Acquisition Corp.(d)			201,607				1,985,828
Sierra Lake Acquisition Corp.(d)			66,804				656,015
Silver Crest Acquisition Corp.(d)			154,643				1,512,409
Silver Spike III Acquisition Corp.(d)			32,200				318,780
SILVERspac, Inc.(d)			55,349				539,930
Sizzle Acquisition Corp.(d)			87,181				870,938
Skydeck Acquisition Corp.(d)			13,316				130,497
Slam Corp.(d)			75,509				731,682
Soar Technology Acquisition Corp.(d)			57,771				581,754
Social Capital Hedosophia Holdings Corp. VI(d)			19,215				189,652
Social Capital Suvretta Holdings Corp. I(d)			67,228				661,524
Social Capital Suvretta Holdings Corp. II(d)			58,318				563,352
Social Capital Suvretta Holdings Corp. III(d)			35,640				350,698
Social Capital Suvretta Holdings Corp. IV(d)			68,052				655,341
Social Leverage Acquisition Corp. I(d)			47,446				460,701
Software Acquisition Group, Inc. III(d)			45,702				451,536
Southport Acquisition Corp.(d)			12,323				124,093
Spartan Acquisition Corp. III(d)			49,945				493,457
Spear Investments I BV(d)			20,690				228,745

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Spindletop Health Acquisition Corp.(d)			122,357			$	1,216,229
SportsMap Tech Acquisition Corp.(d)			28,170				277,615
SportsTek Acquisition Corp.(d)			34,022				329,673
Spree Acquisition Corp. 1, Ltd.(d)			40,674				406,008
Spring Valley Acquisition Corp.(d)			2,226				22,238
Springwater Special Situations Corp.(d)			58,969				577,307
ST Energy Transition I, Ltd.(d)			80,006				815,661
StoneBridge Acquisition Corp.(d)			109,133				1,077,143
Stratim Cloud Acquisition Corp.(d)			44,817				434,725
Summit Healthcare Acquisition Corp.(d)			42,915				413,486
Supernova Partners Acquisition Co. III, Ltd.(d)			16,328				158,545
Sustainable Development Acquisition I Corp.(d)			137,266				1,331,480
SVF Investment Corp.(d)			180,495				1,759,826
SVF Investment Corp. 2(d)			218,988				2,126,372
SVF Investment Corp. 3(d)			68,743				675,056
Tailwind Acquisition Corp.(d)			69,245				681,371
Tailwind International Acquisition Corp.(d)			234,566				2,279,981
Tailwind Two Acquisition Corp.(d)			13,721				135,701
Talon 1 Acquisition Corp.(d)			143,866				1,438,660
Target Global Acquisition I Corp.(d)			54,220				541,658
Tastemaker Acquisition Corp.(d)			74,624				733,554
TB SA Acquisition Corp.(d)			81,664				792,141
Tech and Energy Transition Corp.(d)			19,330				187,308
Technology & Telecommunication Acquisition Corp.(d)			52,993				532,580
Tekkorp Digital Acquisition Corp.(d)			1,256				12,309
Thrive Acquisition Corp.(d)			95,562				947,975
Tiga Acquisition Corp.(d)			641				6,522
Tio Tech A(d)			22,150				214,634
TKB Critical Technologies 1(d)			97,836				972,490
TLG Acquisition One Corp.(d)			96,180				933,908
TLGY Acquisition Corp.(d)			136,622				1,359,389
TPG Pace Beneficial Finance Corp.(d)			113,576				1,115,316
TPG Pace Beneficial II Corp.(d)			150,036				1,462,851
Transition SA(d)			33,822				371,992
Trepont Acquisition Corp. I(d)			90,763				906,722
Tribe Capital Growth Corp. I(d)			72,859				706,732
Trine II Acquisition Corp.(d)			125,836				1,236,968
Tuatara Capital Acquisition Corp.(d)			15,548				153,459
Turmeric Acquisition Corp.(d)			606				5,951
Twelve Seas Investment Co. II(d)			48,744				473,304
Twin Ridge Capital Acquisition Corp.(d)			1,978				19,167
TZP Strategies Acquisition Corp.(d)			138,058				1,343,995
UTA Acquisition Corp.(d)			88,121				868,873
Vahanna Tech Edge Acquisition I Corp.(d)			132,585				1,315,243
Valor Latitude Acquisition Corp.(d)			9,401				90,814
VAM Investments Spac BV(d)			25,279				275,476
Vector Acquisition Corp. II(d)			658				6,396
Velocity Acquisition Corp.(d)			45,639				442,242

Annual Report  |  January 31, 2022 21

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Viscogliosi Brothers Acquisition Corp.(d)			41,703			$	414,945
Vision Sensing Acquisition Corp.(d)			65,576				649,858
VMG Consumer Acquisition Corp.(d)			121,874				1,206,553
Vy Global Growth(d)			31,512				308,818
Warburg Pincus Capital Corp. I-A(d)			52,150				507,941
Warburg Pincus Capital Corp. I-B(d)			61,234				595,194
Warrior Technologies Acquisition Co.(d)			125,462				1,233,291
Welsbach Technology Metals Acquisition Corp.(d)			29,572				288,623
Western Acquisition Ventures Corp.(d)			29,980				298,901
Williams Rowland Acquisition Corp.(d)			103,156				1,020,213
WinVest Acquisition Corp.(d)			115,745				1,142,403
World Quantum Growth Acquisition Corp.(d)			84,860				829,931
Zanite Acquisition Corp.(d)			54,806				558,473
Z-Work Acquisition Corp.(d)			1,024				9,928
							322,951,145
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES							322,951,145
(Cost $320,309,813)

RIGHTS-0.03%(d)
8i ACQUISITION 2 Corp., Expires 11/24/2022, Strike Price $11.50			46,160				8,078
Accretion Acquisition Corp., Expires 12/31/2049, Strike Price $0.01			37,215				9,118
Arisz Acquisition Corp., Expires 05/01/2023, Strike Price $11.50			34,348				6,248
bleuacacia, Ltd., Expires 12/31/2049, Strike Price $–			201,609				31,249
Deep Medicine Acquisition Corp., Expires 12/09/2022, Strike Price $11.50			15,116				3,703
Financial Strategies Acquisition Corp., Expires 03/31/2028, Strike Price $11.50			9,858				1,960
Fintech Ecosystem Development Corp., Expires 12/31/2028, Strike Price $11.50			54,704				10,399
Globalink Investment, Inc., Expires 08/19/2023, Strike Price $11.50			4,837				1,064
Inception Growth Acquisition, Ltd., Expires 05/08/2023, Strike Price $11.50			7,394				1,654
Jupiter Wellness Acquisition Corp., Expires 12/31/2049, Strike Price $11.50			18,463				4,985
Kairous Acquisition Corp. ltd, Expires 11/24/2023, Strike Price $11.50			13,555				3,050
Mountain Crest Acquisition Corp. V, Expires 12/31/2049, Strike Price $–			8,917				3,032
NorthView Acquisition Corp., Expires 12/31/2049, Strike Price $0.01			38,482				6,700
Roth Ch Acquisition III Co., Expires 12/31/2049, Strike Price $11.50			73,592				16,926
Welsbach Technology Metals Acquisition Corp., Expires 12/31/2049, Strike Price $–			29,572				6,802
TOTAL RIGHTS							114,968
(Cost $143,557)
WARRANTS-0.41%(d)
7 Acquisition Corp., Expires 11/05/2026, Strike Price $11.50			25,051				12,671
Achari Ventures Holdings Corp. I, Expires 02/05/2023, Strike Price $11.50			38,684				8,975
Alpha Healthcare Acquisition Corp. III, Expires 04/12/2027, Strike Price $11.50			3,816				3,912
ALSP Orchid Acquisition Corp. I, Expires 11/30/2028, Strike Price $11.50			52,397				18,339
Apeiron Capital Investment Corp., Expires 06/24/2023, Strike Price $11.50			49,159				17,397
Arbor Rapha Capital Bioholdings Corp. I, Expires 03/14/2023, Strike Price $11.50			23,851				7,632
Arena Fortify Acquisition Corp., Expires 12/31/2028, Strike Price $11.50			51,232				21,512
Arisz Acquisition Corp., Expires 05/01/2023, Strike Price $11.50			34,348				9,271

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Artemis Strategic Investment Corp., Expires 02/12/2023, Strike Price $11.50			52,405			$	19,078
Ascendant Digital Acquisition Corp. III, Expires 04/19/2023, Strike Price $11.50			78,866				38,471
Athena Consumer Acquisition Corp., Expires 07/20/2023, Strike Price $11.50			33,717				15,169
Beard Energy Transition Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			60,293				21,103
BioPlus Acquisition Corp., Expires 07/19/2023, Strike Price $11.50			45,412				14,078
Black Mountain Acquisition Corp., Expires 10/15/2027, Strike Price $11.50			46,442				15,187
bleuacacia, Ltd., Expires 06/21/2024, Strike Price $11.50			100,804				38,351
Blockchain Coinvestors Acquisition Corp. I, Expires 01/03/2024, Strike Price $11.50			78,188				45,748
Blue Ocean Acquisition Corp., Expires 10/21/2023, Strike Price $11.50			16,257				3,446
Bullpen Parlay Acquisition Co., Expires 05/17/2023, Strike Price $11.50			57,733				19,629
Cactus Acquisition Corp. 1, Ltd., Expires 07/20/2023, Strike Price $11.50			21,180				9,527
Canna-Global Acquisition Corp., Expires 02/09/2023, Strike Price $11.50			154,766				30,953
Capitalworks Emerging Markets Acquisition Corp., Expires 04/27/2023, Strike Price $11.50			69,120				21,776
Cineworld, Expires 11/23/2025, Strike Price $0.01			78,194				16,090
Concord Acquisition Corp. III, Expires 12/31/2028, Strike Price $11.50			49,141				24,755
Crescera Capital Acquisition Corp., Expires 04/20/2023, Strike Price $11.50			63,791				28,693
Crypto 1 Acquisition Corp., Expires 01/11/2027, Strike Price $11.50			9,231				2,862
Crystal Peak Acquisition, Expires 06/22/2026, Strike Price $11.50			34,484				17,414
DEE Tech SA, Expires 06/23/2023, Strike Price $11.50			35,099				4,929
Digital Health Acquisition Corp., Expires 10/14/2023, Strike Price $11.50			17,736				4,611
dMY Technology Group, Inc. VI, Expires 06/25/2023, Strike Price $11.50			3,783				2,798
Energem Corp., Expires 03/10/2023, Strike Price $11.50			61,742				12,966
Energy Transition Partners BV, Expires 07/16/2026, Strike Price $11.50			16,852				9,087
ESGEN Acquisition Corp., Expires 06/28/2023, Strike Price $11.50			54,405				19,042
Everest Consolidator Acquisition Corp., Expires 07/19/2023, Strike Price $11.50			50,492				13,656
ExcelFin Acquisition Corp., Expires 07/05/2023, Strike Price $11.50			22,366				11,854
Fat Projects Acquisition Corp., Expires 12/16/2022, Strike Price $11.50			49,946				13,480
Financial Strategies Acquisition Corp., Expires 03/31/2028, Strike Price $11.50			6,820				1,296
Finnovate Acquisition Corp., Expires 04/15/2023, Strike Price $11.50			72,215				23,105
Fintech Ecosystem Development Corp., Expires 12/31/2028, Strike Price $11.50			27,352				6,017
Fortune Rise Acquisition Corp., Expires 11/26/2023, Strike Price $11.50			15,616				3,904
FTAC Parnassus Acquisition Corp., Expires 03/10/2026, Strike Price $11.50			10,083				6,797
FTAC Zeus Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			135,656				69,184
Future Health ESG Corp., Expires 02/19/2023, Strike Price $11.50			37,402				13,715
Games & Esports Experience Acquisition Corp., Expires 10/21/2023, Strike Price $11.50			59,290				20,159
Gardiner Healthcare Acquisitions Corp., Expires 07/11/2024, Strike Price $11.50			19,715				4,929
Glass Houses Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			33,299				14,985
Global Technology Acquisition Corp. I, Expires 07/13/2023, Strike Price $11.50			23,734				11,019
Globalink Investment, Inc., Expires 08/19/2023, Strike Price $11.50			14,771				2,065
GoGreen Investments Corp., Expires 06/04/2023, Strike Price $11.50			65,339				22,761
Green Visor Financial Technology Acquisition Corp. I, Expires 05/08/2023, Strike Price $11.50			47,750				20,528
Harvey Gulf, Expires 12/31/2049, Strike Price $0.01			16,636				74,862
HHG Capital Corp., Expires 12/31/2027, Strike Price $11.50			17,425				4,008
Home Plate Acquisition Corp., Expires 03/03/2023, Strike Price $11.50			4,107				1,671
Hunt Cos. Acquisition Corp. I, Expires 12/31/2028, Strike Price $11.50			52,706				20,028
I2PO SA, Expires 07/21/2026, Strike Price $11.50			95,238				20,329

Annual Report  |  January 31, 2022 23

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
Iconic Sports Acquisition Corp., Expires 04/06/2023, Strike Price $11.50			19,665			$	8,651
Inception Growth Acquisition, Ltd., Expires 05/08/2023, Strike Price $11.50			3,697				870
Industrial Human Capital, Inc., Expires 12/31/2028, Strike Price $11.50			14,916				3,580
Infinite Acquisition Corp., Expires 05/03/2023, Strike Price $11.50			23,647				11,821
InFinT Acquisition Corp., Expires 05/19/2027, Strike Price $11.50			55,147				12,957
Innovative International Acquisition Corp., Expires 04/03/2023, Strike Price $11.50			67,171				23,879
Integrated Rail and Resources Acquisition Corp., Expires 05/21/2023, Strike Price $11.50			48,874				14,662
Integrated Wellness Acquisition Corp., Expires 10/31/2028, Strike Price $11.50			2,511				1,004
Intelligent Medicine Acquisition Corp., Expires 01/13/2023, Strike Price $11.50			57,004				23,372
Jaws Mustang Acquisition Corp., Expires 01/30/2026, Strike Price $11.50			19,820				13,474
Juniper II Corp., Expires 12/31/2028, Strike Price $11.50			9,381				5,628
Kairous Acquisition Corp. ltd, Expires 11/24/2023, Strike Price $11.50			6,777				1,491
LAMF Global Ventures Corp. I, Expires 04/04/2023, Strike Price $11.50			63,179				25,278
LAVA Medtech Acquisition Corp., Expires 04/01/2023, Strike Price $11.50			15,539				6,968
LF Capital Acquisition Corp. II, Expires 01/07/2026, Strike Price $11.50			60,499				21,163
Liberty Resources Acquisition Corp., Expires 10/31/2028, Strike Price $11.50			40,938				7,799
Lionheart III Corp., Expires 03/19/2023, Strike Price $11.50			36,580				12,777
Mana Capital Acquisition Corp., Expires 12/01/2026, Strike Price $11.50			19,937				4,684
McLaren Technology Acquisition Corp., Expires 03/03/2023, Strike Price $11.50			61,067				19,844
Mercato Partners Acquisition Corp., Expires 12/28/2026, Strike Price $11.50			15,665				7,283
Metals Acquisition Corp., Expires 07/12/2023, Strike Price $11.50			11,755				5,525
Monterey Bio Acquisition Corp., Expires 06/07/2023, Strike Price $11.50			24,230				6,300
Motive Capital Corp. II, Expires 05/15/2023, Strike Price $11.50			8,206				4,759
Mount Rainier Acquisition Corp., Expires 12/04/2022, Strike Price $11.50			12,935				3,103
Mountain & Co. I Acquisition Corp., Expires 08/24/2023, Strike Price $11.50			62,660				30,155
Nabors Energy Transition Corp., Expires 06/08/2023, Strike Price $11.50			87,846				36,017
New Providence Acquisition Corp. II, Expires 12/31/2027, Strike Price $11.50			21,526				12,434
Newcourt Acquisition Corp., Expires 04/12/2028, Strike Price $11.50			30,398				12,750
NorthView Acquisition Corp., Expires 10/21/2023, Strike Price $11.50			19,241				3,848
Nova Vision Acquisition Corp., Expires 12/31/2028, Strike Price $11.50			31,088				4,197
Odyssey Acquisition SA, Expires 06/30/2026, Strike Price $11.50			7,014				5,516
OmniLit Acquisition Corp., Expires 04/06/2023, Strike Price $11.50			38,869				11,272
Onyx Acquisition Co. I, Expires 01/07/2023, Strike Price $11.50			24,790				8,805
Parsec Capital Acquisitions Corp., Expires 01/08/2023, Strike Price $11.50			9,432				2,735
PepperLime Health Acquisition Corp., Expires 03/28/2023, Strike Price $11.50			11,876				5,079
Perception Capital Corp. II, Expires 12/31/2028, Strike Price $11.50			58,258				22,575
Phoenix Biotech Acquisition Corp., Expires 09/01/2026, Strike Price $11.50			21,939				8,007
Pine Island Acquisition Corp., Expires 10/29/2027, Strike Price $11.50			2,352				1,529
PROOF Acquisition Corp. I, Expires 12/03/2023, Strike Price $11.50			20,757				6,498
RCF Acquisition Corp., Expires 04/25/2023, Strike Price $11.50			31,463				16,361
Rigel Resource Acquisition Corp., Expires 04/19/2023, Strike Price $11.50			31,854				13,235
Rose Hill Acquisition Corp., Expires 03/03/2023, Strike Price $11.50			41,528				11,750
Seaport Calibre Materials Acquisition Corp., Expires 01/19/2023, Strike Price $11.50			14,252				4,882
ShoulderUp Technology Acquisition Corp., Expires 07/26/2023, Strike Price $11.50			94,845				38,886
Spindletop Health Acquisition Corp., Expires 12/31/2028, Strike Price $11.50			47,277				16,547
ST Energy Transition I, Ltd., Expires 12/02/2026, Strike Price $11.50			40,003				13,997
Talon 1 Acquisition Corp., Expires 04/18/2023, Strike Price $11.50			71,933				26,615
Thrive Acquisition Corp., Expires 03/09/2023, Strike Price $11.50			47,781				15,288
TKB Critical Technologies 1, Expires 01/08/2023, Strike Price $11.50			48,884				20,531

Saba Capital Income & Opportunities Fund	Schedule of Investments
	January 31, 2022

		Shares				Fair Value
TLGY Acquisition Corp., Expires 01/14/2023, Strike Price $11.50			68,311			$	27,321
Transition SA, Expires 06/16/2026, Strike Price $11.50			33,822				14,249
Trine II Acquisition Corp., Expires 12/31/2027, Strike Price $11.50			47,623				18,323
UTA Acquisition Corp., Expires 10/21/2023, Strike Price $11.50			44,060				15,421
Vahanna Tech Edge Acquisition I Corp., Expires 07/13/2024, Strike Price $11.50			65,257				19,577
VAM Investments Spac BV, Expires 07/27/2026, Strike Price $11.50			12,639				5,822
Vision Sensing Acquisition Corp., Expires 03/24/2023, Strike Price $11.50			49,182				11,804
VMG Consumer Acquisition Corp., Expires 07/03/2023, Strike Price $11.50			60,937				33,817
TOTAL WARRANTS							1,658,539
(Cost $2,636,440)
SHORT TERM INVESTMENTS-0.26%
JPMorgan US Treasury Plus Money Market Fund, 7 Day yield 0.01%			1,051,438				1,051,438
TOTAL SHORT TERM INVESTMENTS							1,051,438
(Cost $1,051,438)
Total Investments - 100.59%						$	409,375,060
(Cost $411,629,285)
Liabilities in Excess of Other Assets - (0.59)%						$	(2,382,854	)
Net Assets - 100.00%						$	406,992,206
Amounts above are shown as a percentage of net assets as of January 31, 2022.

^(a) Security exempt from registration under Rule 144A of the Securities Act of 1933 (the "Securities Act"). Total market value of Rule 144A securities amounts to $15,914,250, which represented approximately 3.91% of net assets as of January 31, 2022. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

^(b) Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

^(c) Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.

^(d) Non-income producing security.

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

PIK - Payment in-kind

Reference Rates:

1M US L - 1 Month LIBOR as of January 31, 2022 was 0.11%

3M US L - 3 Month LIBOR as of January 31, 2022 was 0.32%

6M US L - 6 Month LIBOR as of January 31, 2022 was 0.53%

1M EUR L - 1 Month EURIBOR as of January 31, 2022 was (0.56)%

Annual Report  |  January 31, 2022 25

Saba Capital Income & Opportunities Fund
Investments in Securities at Value*		Level 1 - Quoted Prices			Level 2 - Significant Observable Inputs			Level 3 - Significant Unobservable Inputs(a)			Total
Corporate Bonds		$	–		$	25,290,864		$	–		$	25,290,864
Senior Loans			–			16,608,510			–			16,608,510
Common Stock			5,657			2,709,681			–			2,715,338
Closed End Funds			38,219,334			–			–			38,219,334
Special Purpose Acquisition Companies			322,107,389			–			699,466			322,806,855
Preferred Stock			144,290			764,924			–			909,214
Warrants			1,524,586			133,953			–			1,658,539
Rights			114,968			–			–			114,968
Short Term Investments			1,051,438			–			–			1,051,438
Total		$	363,167,662		$	45,507,932		$	699,466		$	409,375,060